XRP-focused treasury firm Evernorth has officially taken a big step toward going public. The company confirmed it has filed with the U.S. Securities and Exchange Commission to list on the Nasdaq.
The filing comes through a Form S-4, which is part of Evernorth’s plan to merge with Armada Acquisition Corp II. If approved, the company is expected to trade under the ticker “XRPN,” though the deal still needs shareholder approval.
The proposed merger could bring in more than $1 billion. A large portion of that funding will be used to build a massive treasury focused on XRP, as the firm aims to become the largest public holder of the asset.
Evernorth says it wants to grow shareholder value by using XRP across multiple strategies. These include institutional lending, liquidity services, and decentralized finance opportunities tied to blockchain infrastructure.
CEO Asheesh Birla said the company believes digital assets are becoming a key part of global finance. He added that Evernorth aims to combine public market structure with blockchain technology to build a more efficient financial system.
The company has already started building its XRP reserve. Reports show it holds over 473 million XRP, worth around $692 million. However, the value of these holdings has dropped by nearly 19% due to the recent market downturn.
Evernorth is not alone in this strategy. Firms like SBI Holdings and other Nasdaq-linked companies are also building XRP reserves to support global payments and financial operations.
If approved, the listing would mark another major step in bringing crypto-focused firms into traditional markets. It also shows how companies are increasingly treating digital assets like XRP as long-term treasury holdings.
